Closing Market Report

ifr190726–193 MFP Impact on 2019 through 2023 Incomes and Financial Positions Krista Swanson, farmdocDaily Team - University of Illinois read farmdocDaily post Market Facilitation Program (MFP) payments in 2019 of $50 per acre will reduce financial erosion on farms. Still, incomes for 2019 are projected to be over $100,000 lower than 2018 incomes.

FOR BROADCAST ifr190705–178 2019 Northern Illinois Crop and Prevent Plant Budgets in July Gary Schnitkey, Agricultural Economist - University of Illinois Northern Illinois farmers have been facing the brunt of this season’s weather challenges. Their corn crop went in very late. Much of it after June the first. Up next we’ll hear an assessment of the damage as it relates to income potential. self contained 8:44 run time soq — FOR WEB ifr190705–178 2019 Northern Illinois Crop and Prevent Plant Budgets in July Gary Schnitkey, Agricultural Economist - University of Illinois by Gary Schnitkey link to farmdocDaily article Overall, projections suggest low returns for corn, soybeans, and prevent plant acres in Northern Illinois, an area that has been hard hit with wet weather, delayed planting, and prevent planting. Corn and soybean returns are projected to be lower than any year going back to 2000, even after including significant Market Facilitation Program (MFP)...

ifr190705–174 June Acreage Report Heightens Uncertainty Todd Hubbs, Agricultural Economist - University of Illinois by Todd Hubbs, University of Illinois Extension link to farmdocDaily article and video On June 28, the USDA released the Acreage and Grain Stocks reports. While the Grain Stocks report provided support for both corn and soybeans, the Acreage report indicated higher than expected corn acres and lower than expected soybean acres. The acreage numbers injected a substantial amount of uncertainty into both markets that appears set to stay in place throughout the summer. The 2019 June USDA Acreage Report rocked the corn market. University of Illinois Agricultural Economist Todd Hubbs explores those numbers in this interview with ILLINOIS Extension Farm Broadcaster Todd Gleason. A dramatic drop in principal crop acreage provided one of the many surprises in the Acreage report released on Friday. Driven by much lower soybean and wheat acreage, total principal cro...

FOOD AND AGRICULTURE IN THE 21ST CENTURY Tomorrow (Wednesday from noon to 1pm central) former University of Illinois President Bob Easter will make a presentation on feeding the world in the 21st Century.  Bob is an animal scientist specializing in pork production. He has made annual trips to China to teach pork production for more than three decades. I can only speculate that he will take up AFS in some detail and incorporate that into his 21st Century presentation.  It is free. You or someone in your shop should register. The information should be very, very good.  Todd Gleason ---- Farmdoc Webinar: #Food & #Agriculture in the 21st Century * Presented by Robert A. Easter, President Emeritus @Illinois_Alma * Wed, Apr 17 - noon to 1 p.m. CDT * Will there be enough food by 2050? Protein demand, animal/crop production Registration: https://register.gotowebinar.com/register/1659489999268641293

ifr190412–084 Good Yields! Yes but a Warning | an interview with Gary Schnitkey Gary Schnitkey, Agricultural Economist - University of Illinois by Gary Schnitkey, University of Illinois read farmdocDaily article On a national basis, corn and soybean yields were near record-breaking levels in 2018, with exceptional yields in central Illinois and the eastern United States contributing heavily to those near-record U.S. yields. Other areas had below-trend yields. The county yields for corn and soybeans presented in this article illustrate these facts. Much higher U.S. yields are possible if all areas have exceptional yields. However, all areas including Illinois should not expect above-trend yields in every year. Corn Yields The 2018 corn yield for the United States was 176.4 bushels per acre, just .2 bushels below the record yield of 176.6 bushels per acre set in 2017 (all yields in this article are from QuickStats, a website maintained by the National Agricultural Stati...

ifr190405–072 USDA Reports Provide Surprises for Corn Todd Hubbs, Agricultural Economist - University of Illinois Friday’s USDA reports surprised the corn market. Todd Gleason has more on how more corn acreage than expected this year coupled with more corn leftover from last year than expected will influence prices. by Todd Hubbs, University of Illinois read farmdocdaily article watch post USDA report webinar with Todd Hubbs and Scott Irwin The USDA’s quarterly Grain Stocks report and annual Prospective Planting report delivered surprises to the corn market. A greater than expected corn stocks number combined with higher than expected planted acreage of corn gave very bearish news to corn prices. Soybean stocks and acreage came in neutral to slightly positive for soybean prices. March 1 corn stocks came in at 8.605 billion bushels compared to an average trade guess of 8.335 billion bushels. The stocks estimate suggested feed and residual use of corn during the first half ...

ifr190329–069 Pre-Season Tar Spot Checklist for Corn Nathan Kleczewski, Extension Plant Pathologist - University of Illinois Tar spot is a relatively new disease of corn in the Midwest. Todd Gleason has this pre-season checklist for farmers, roughly speaking, north of Interstate 80. Tar spot has been showing up on field corn… 1:22 radio 1:28 radio self-contained Tar spot has been showing up on field corn in Iowa, Illinois, Michigan, Wisconsin, Indiana, Ohio, and Florida says University of Illinois Extension Plant Pathologist Nathan Kleczewski (kleh-CHEH-ski). Kleczewski :20 …where we’ve had the most pressure.   Quote Summary - That’s where it is found right now. But in terms of severity, where we have seen it the most and the pressure is the highest, if you would take the lower portion of Lake Michigan and draw a section around there, that is where we’ve had the greatest severity right now. That is where we’ve had the most pressure. Kleczewski (kleh-CHEH-ski) says thi...

ifr190322–061 The Economic Advisability of Lowering 2019 N Rates on Corn Gary Schnitkey - Agricultural Economist - University of Illinois by Gary Schnitkey, Agricultural Economist - University of Illinois read farmdocDaily article Spring field operations will soon begin, and nitrogen applications on corn will commence. More nitrogen will be applied this spring than is typical because wet weather limited fall applications. University-recommended nitrogen application rates in Illinois are between 140 and 180 pounds of actual nitrogen per acre for corn-following-soybeans. For farmers applying above those rates, application reductions seem prudent this year. If a farmer is uncomfortable lowering to the University-recommended rates, experimenting by leaving strips in fields seems prudent. Why Consider Lowering Nitrogen Application Rates in 2019? Two economic factors suggest urgency in lowering nitrogen rates this year. First, net incomes on Illinois farms could be extremely low ...

ifr190301–040 Farmers Unlikely to Make Big Acreage Switch to Corn Gary Schnitkey, Agricultural Economist - University of Illinois The scuttlebutt in the trade, even in the numbers released by USDA at its February Agricultural Outlook Forum, is that the economics will push farmers to plant a lot more corn acres this year. Todd Gleason reports University of Illinois crop budgets don’t bear that out. Ag Economist Gary Schnitkey has updated budgets… 1:35 radio 1:53 radio self-contained Ag Economist Gary Schnitkey has updated budgets for corn and soybeans across the state. He knows USDA increased its expectation for corn acres around the nation by about 3 million acres but says he does not expect a big shift to corn in Illinois. Schnitkey :25 …more profitable for 2019 Quote Summary - What we find is that corn is projected to be more profitable than soybeans. This is the first year in a while that has happened. However, our budgets do not suggest shifti...

ifr190222–033 Corn Acreage in 2019 Todd Hubbs, Agricultural Economist - University of Illinois read farmdocDaily article The number of acres of corn planted this spring will be a key factor in determining where the price of corn goes. University of Illinois Agricultural Economist Todd Hubbs took up the issue in this week’s farmdocDaily article. Todd Gleason has more on the prospects. He starts with a historical graph… 2:13 radio 2:29 radio self-contained He starts with a historical graph. It shows the principal crop acres in the United States and how those have changed since 1997. Both corn and soybean acreage have increased. Combined they’re up about 10 percent over the past two decades. INSERT fdd190218–01.png Illinois’ Todd Hubbs uses that history to help put the number or corn and soybeans acres into perspective. Hubbs :43 …corn acreage we think we are going to see. Quote Summary - When we look at the harvest month corn...

ifr190215–129 Illinois Extension to Host Soil Fertility Webinar February 28 Phillip Alberti, Extension Educator - University of Illinois A live webinar will be hosted in 23 Illinois Extension offices across the state on Thursday, February 28, 2019. Check the list of locations below to find an office nearest you. Registration must be made by phoning the office where you plan to attend. Presentations include: Understanding and Extending Organic Nutrient Management Concepts by Joel Gruver, Western Illinois University, Associate Professor of Soil Science & Sustainable Agriculture Managing Phosphorus Loss in Tile Systems by Aaron Pape, University of Wisconsin Discovery Farms, Tile Drainage Education Coordinator Long-term Crop Rotation and Tillage Effects on Soil GHG Emissions and Crop Production in Illinois by Gevan Behnke, University of Illinois, Senior Research Specialist Cover Crops and Soil N Availability in Corn & Soybean Systems by Lowell Gentry, Universit...

Supplemental Coverage Option (SCO) was introduced in the 2014 Farm Bill but was limited to acres where Price Loss Coverage (PLC) was the commodity title program choice. More farmers likely will be choosing PLC for the 2019 and 2020 marketing years, leading to more acres being eligible for SCO. SCO may be attractive to those farmers who find the costs of Revenue Protection (RP) at an 85% coverage level too high. Farmers interested in SCO should discuss eligibility options with crop insurance agents. by Gary Schnitkey SCO Background SCO is available to farmers who choose PLC for receiving commodity title payments. SCO is not available when Agricultural Risk Coverage (ARC) is chosen (farmdoc daily, June 16, 2015). ARC was selected on over 90% of the base acres in corn and soybeans under the 2014 Farm Bill. As a result, SCO was not an option for most Midwest farmers. Similar to the 2014 Farm Bill, the 2018 Farm Bill again gives a choice between PLC and ARC. More farmers likely will c...

ifr190125–016 Backyard Maple Syrup Production Workshop Feb 2 Chris Evans, Extension Forestry & Research Specialist - University of Illinois Register by January 30th https://web.extension.illinois.edu/state/calendar_event.cfm?ID=80344 The fourth annual backyard maple syrup production workshop will be held on Saturday, February 2, 2019 from 10am–3pm at the Dixon Springs Agricultural Center, located at 354 State Highway 145 N, Simpson, IL 62985. This program is free and open to the public. We are offering an expanded program this year! From 10-noon come learn the basics and see firsthand the entire process of backyard maple syrup production. Following a free lunch at noon, we will have maple syrup experts on hand to discuss scaling up production and advanced techniques and demonstrating equipment from 1pm to 3pm. During the morning session, the University of Illinois Extension will provide some activities for kids, including taste testing of real maple syrup! ...

ifr190111–010 Quarterly Grain Stocks Report Projections Todd Hubbs, Agricultural Economist - University of Illinois When the government reopens USDA will update the Grain Stocks report. Todd Gleason explains how this assessment of usage plays into the price of corn and soybeans. 1:58 radio 2:01 radio self-contained The Grain Stocks report is tallied four times per year. For corn and soybeans these are December 1st, March 1st, June 1st, and September 1st. They’re done in this order and correspond to the beginning and the end of the year supplies. The reports always read “As of”. So, for instance, the Grain Stocks report that was supposed to come out this Friday would read as of December 1st. The report, as USDA sees it, is nearly a survey. The agency contacts about 9000 grain elevators, and other storage facilities across the United States to see how many bushels of corn and soybeans are on hand on and off the farm. Then they pretty much make a very wel...

ifr190111–009 January Crop Report Yield Expectations Todd Hubbs, Agricultural Economist - University of Illinois The January USDA reports have been delayed until further notice because of the government shutdown. As Todd Gleason reports it is expected once these numbers are released the changes in the national yields for corn and soybeans could be positive for price. 2:09 radio 2:29 radio self-contained The last time USDA updated corn and soybean yields was in the month of November. Both crops saw a drop in predicted yield for the 2018 harvest. This drop has been since complicated by harvest problems. Todd Hubbs from the University of Illinois says history can sometimes be a guide to how the January Crop Production report might change. More often than not when the yields from October to November go down, the U of I commodities specialist says they drop again in January. Hubbs :31 …is really supportive for corn prices moving forward. Quote Summary - And what yo...